Tuesday, May 7, 2013

In how many years will an account double itself at rate of 5% compounded annually


p=p%5B0%5D%2A%281%2B.05%29%5Et 
where
p%2Fp%5B0%5D=2
2=1.05%5Et
log%282%29=t%2Alog%281.05%29
t=log%282%29%2Flog%281.05%29
so a little more than 14 years 
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